VANCOUVER, March 30, 2017 /CNW/ - Crystal Lake Mining Corporation (TSX-V: "CLM") ("Crystal Lake" or the "Company") is pleased to announce results from a drill project carried out on its optioned property in NW Ontario (the "EL1 Property").
The EL1 Property is one of several optioned by Crystal Lake but is the flagship project that hosts the principal exploration target containing polymetallic Ni–Cu–PGM sulphides hosted within a mafic norite intrusion referred to as the Emo Complex or Dobie Intrusion.
Historical drilling from the period beginning in the 1950's to 1972 outlined a mafic intrusive mineralized zone measuring 335m in N-S strike direction, 275m in width, and 305m explored depth with a predicted plunge of 30 to 45 degrees north. Stratmat Limited (1956) reported a potential resource of 6.4 million tonnes of polymetallic sulphides. Chibtown Copper Corporation (1966) reported "indicated reserves" of 4.8 million tonnes grading 0.28% Cu, 0.24% Ni, 0.05% Co. The mineralized body was defined from historical drilling of 220 short drill holes. Both Stratmat Limited and Chibtown Copper Corporation were well respected junior miners listed on the Toronto Exchange at the time of disclosure and supervised the drill programs. Key assumptions and methods used to prepare the historical estimates are not known but both would likely be categorized today as "inferred" resources. Since those dates there have been no further or more recent estimates. As the original data is no longer available the ground would have to be redrilled should Crystal Lake wish to provide its investors with a resource calculation. No work has been carried out by the Company to classify the historical estimates as current mineral resources nor is the Company treating the historical estimates as a current mineral resource.
While not considered economic at the time what attracted Crystal Lake is that the disseminated mineralization contains higher-grade parallel north-trending lenses (also referred to as shoots) with historic drilling indicating widths of 4.3m to 12.2m. One such shoot was estimated to contain 204,000 tonnes grading 0.65% Cu and 0.87% Ni. A total of seven such shoots were identified but not similarly documented as to tonnage or grade. Again, no work has been carried out by the Company to classify this historical estimate as current mineral resources nor is the Company treating the historical estimate of one such shoot as a current mineral resource. The exploration model developed by Crystal Mining's partner Emerald Lake Development Corp., is to explore for massive sulphide bodies which may occur below the disseminated low-grade copper-nickel-cobalt mineralization.
In late 2015 the Company drilled in total 6,100 feet (1,860 meters) in 10 holes. One drill hole (A-04-15) confirmed that high-grade copper-nickel shoots do exist and are considerably better than previously recorded in the historical drilling. Hole A-04-15 intersected from surface to 63.75 meters (drilled purposely in a down-plunge direction to confirm continuity), a weighted average of 1.05% nickel and 2.18% copper. Note that intersection of mineralization in hole A-04-15 does not represent the true width of the zone and that, as the hole was purposely down-plunge, the true width of the mineralized zone is materially narrower than the drill hole intersection.
Of significance, the bottom 9.8m section averaged 1.92% nickel, 0.17% copper and 0.132% cobalt.
What is intriguing, and represents the exploration potential of the EL1 deposit, is the depth extent of the mineralization and whether these shoots lead to a massive sulphide zone at depth at better grades. Further deeper drilling would support this model.
The Company is also investigating further into value and recovery of secondary metals such as PGM's, Co., Au, and Ag.
Management of Crystal Lake Mining Corp stated: "We thank Emerald Lake Development Corp. and its exploration team led by Mr. Frank Puskas; honors BSc geology / chemistry, MSc geology; his modelling of the EL1 property, core logging, evaluation, and data interpretation in the stage 1 program was instrumental. An independent review and interpretation of current exploration data on the EL1 Project leads us to believe that the documented mafic intrusion exhibits the potential for significantly higher grade copper-nickel-bearing mineralization at depth. Our work in this area appears to be justified and well-focused. Our encouraging results indicate that we are on the right path and we feel that there exists considerable potential for success".
Mr. Paul Pitman, P. Geo. is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this press release regarding the ELI project, NW Ontario.
About the Company
Crystal Lake is a mineral exploration company focused on creating value through the exploration and development of its British Columbia and Ontario mineral properties. Crystal is presently completing the analysis of a Stage 1 drilling program in and around Emo, Ontario and is preparing for the commencement of Phase 2.
On behalf of The Board of Directors of Crystal Lake Mining.
Robert Michor, Director VP
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Crystal Lake Mining which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
SOURCE Crystal Lake Mining Corporation
For further information: RAMA Communications at 250-899 4889 or e-mail [email protected]